Note: Descriptions are shown in the official language in which they were submitted.
85CE-00111 CA 02377715 2002-03-20
NETWORK-ENABLED METHOD AND SYSTEM
FOR ASSET FINANCE
BACKGROUND OF THE INVENTION
This invention relates generally to network based systems and methods and
more particularly to network-enabled methods and systems for managing
functions
related to asset financing and credit history.
Typically, asset finance applications are paper-based transactions that
involve
sending documents to multiple locations. These transactions typically have
long cycle
times. In addition, a finance company often targets particular markets with
unique
needs and characteristics. Thus it is sometimes difficult for a finance
company to
provide a custom-tailored on-line system for processing finance transactions.
In
addition, it may not be an easy task for an asset finance company to enter new
markets
with new marketing programs.
BRIEF DESCRIPTION OF THE INVENTION
In one aspect, a method for processing asset finance applications uses a web-
enabled asset finance system including a web-based front end, a business logic
middle
tier, a credit. scoring engine, and a relational database. The method
comprises
receiving information from a user device via the web-based front 'end,
utilizing the
business logic middle tier to supply the received information to ~ the
relational
database, processing the received information to supply a finance quote, 'and
transmitting the processed information to the user device.
In another aspect, a network-enabled asset finance system includes a network-
based front end, a business logic middle tier linked to the front-end, a
credit scoring
engine linked to the business logic middle tier, and a relational database
linked to the
business logic middle tier. The business logic middle tier is configured to
receive
information from a user device via the network-based front end, supply the
received
information to the relational database, receive processed information from the
credit
scoring engine, and transmit the processed information to the user device.
In a further aspect, a method is provided for processing asset finance
applications on a web-site using an asset finance system including a web-based
front
end, a business logic middle tier, a credit scoring engine, and a relational
database.
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85CE-00111 CA 02377715 2002-03-20
The method comprises receiving, information from a user device via the web-
based
front end, accessing the business logic middle tier to supply the received
information
to the relational database, processing the received information to supply at
least one of
a credit application decision and a finance quote, and transmitting the
processed
information to the user device.
In another aspect, a computer program embodied on a computer readable
medium is provided for analyzing a credit application input by a user on a web
site to
determine whether to accept the application. The program comprises a code
segment
that receives credit application information and reviews the input information
to
determine whether all required information has been included, scores the
credit
application to determine whether to accept the credit application,
deterrnines'whether
an instant credit decision can be made, and notifies the user of the credit
application
acceptance decision.
A network-enabled asset finance system comprising a network-based front
end, a business logic middle tier linked to the front-end, a credit scoring
engine linked
to the business logic middle tier, and a relational database linked to the
business logic
middle tier. The business logic middle tier configured to receive information
from a
user device via the network-based front end, supply the received information
to the
relational database, receive processed information from the credit scoring
engine, and
generate documentation for the transaction.
BRIEF DESCRIPTION OF THE DRAWINGS
Figure 1 is a simplified block diagram of an exemplary Asset Finance System;
Figure 2 is a more detailed block diagram and hardware configuration of the
Asset Finance System shown in Figure 1;
Figure 3 is a block diagram of an exemplary application architecture for the
Asset Finance System shown in Figure 1;
Figure 4 is a workflow diagram of a method of managing asset financing and
credit history.
Figure 5 is an exemplary embodiment of a user interface displaying a login
page of the Asset Finance System shown in Figure 1.
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85CE-00111 CA 02377715 2002-03-20
Figure 6 is a user interface displaying a home page of the Asset Finance
System shown in Figure 1.
Figure 7 is a user interface displaying a Compare Payments page of the Asset
Finance System shown in Figure 1.
Figure 8 is a user interface displaying a Finance Quote main page of the Asset
Finance System shown in Figure 1.
Figure 9 is' a user interface displaying a New Commercial Customer Profile
page of the Asset Finance System shown in Figure 1.
Figure 10 is a user interface displaying a Bank and Insurance Information page
of the Asset Finance System shown in Figure 1.
Figure 11 is a user interface displaying a New Individual Customer Profile
page of the Asset Finance System shown in Figure 1.
Figure 12 is a user interface displaying a first portion of an
Employment/Financial Information page of the Asset Finance System shown in
Figure 1.
Figure 13 is a user interface displaying a Personal Net Worth Statement page
of the Asset Finance System shown in Figure 1.
Figure 14 is a user interface displaying a Build Your Finance Quote page of
the Asset Finance System shown in Figure 1.
Figure 15 is a user interface displaying an Enter Quotation Information page
of
the Asset Finance System shown in Figure 1.
Figure 16 is a user interface displaying a Payment Calculation page of the
Asset Finance System shown in Figure 1.
Figure 17 is a user interface displaying a Retrieving Saved Quote page of the
Asset Finance System shown in Figure l .
Figure 18 is a user interface displaying a Credit Application Main Page of the
Asset Finance System shown in Figure 1.
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85CE-00111 CA 02377715 2002-03-20
Figure 19 is a user interface displaying a New Commercial Customer Profile
page of the Asset Finance System shown in Figure 1.
Figure 20 is a user interface displaying a Bank and Insurance Information page
of the Asset Finance System shown in Figure 1.
Figure 21 is a user interface displaying a New individual Customer Profile
page of the Asset Finance System shown in Figure 1.
Figure 22 is a user interface displaying a first portion of an
Employment/Financial Information page of the Asset Finance System shown in
Figure 1.
Figure 23 is a user interface displaying a second portion of an
Employment/Financial Information page of the Asset Finance System shown in
Figure 1.
Figure 24 is a user-interface displaying a Build Your Credit Application page
of the Asset Finance System shown in Figure 1.
Figure 25 is a user interface displaying a Main Applicant Information page of
the Asset Finance System shown in Figure 1.
Figure 26 is a continuation of the user interface shown in Figure 25
displaying
a Main Applicant Information page of the Asset Finance System shown in Figure
1.
Figure 27 is a user interface displaying an Employment/ Financial Information
page of the Asset Finance System shown in Figure 1.
Figure 28 is a user interface displaying a Personal Net Worth Statement page
of the Asset Finance System shown in Figure 1.
Figure 29 is a user interface displaying an Equipment Information page of the
Asset Finance System shown in Figure 1.
Figure 30 is a user interface displaying a Deal Structure page of the Asset
Finance System shown in Figure l .
' Figure 31 is a user interface displaying a Credit Submission page' of the
Asset
Finance System shown in Figure 1:
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85CE-00111 CA 02377715 2002-03-20
Figure 32 is a user interface displaying a Request Deal Change page of the
Asset Finance System shown in Figure 1.
Figure 33 is a user interface displaying a printable version of the
application
available through the Asset Finance System shown in Figure 1.
Figure 34 is a user interface displaying a Search for Dealer Participation
page
of the Asset Finance System shown in Figure 1.
Figure 35 is a user interface displaying a Finance & Insurance Search Screen
page of the Asset Finance System shown in Figure 1.
Figure 36 is a user interface 920 displaying a Report Output page of the Asset
Finance System shown in Figure 1.
Figure 37 is a user interface displaying a Dealer Default Input page of the
Asset Finance System shown in Figure 1.
DETAILED DESCRIPTION OF THE INVENTION
Exemplary embodiments of systems and processes that facilitate integrated
web-enabled asset financing are described below in detail. In one embodiment;
the
system includes a web based front end, a configurable business logic middle
tier, a
credit scoring tool, a documentation generation utility arid a relational
database. The
systems and processes facilitate; for example, electronic submission of
finance
applications from dealers and end-customers using a client device, automated
transmission of information; and web-enabled customer quote generation, credit
application receipt and review, and document generation.
More specifically, data relating to a finance application is entered into the
system by a user, such as a sales person. The pricing program information and
dealer
profiles are maintained internally by the financier. Using the equipment
information
and the payment options, a payment schedule is generated by the system. The
customer's credit history is checked and a credit score is generated to
determine
whether the finance application should be approved. .Once approved, the dealer
can
use the system to generate the documents required for the deal.
The systems and processes are not limited to the specific embodiments
described herein. In addition, system and process components can be practiced
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85CE-00111 CA 02377715 2002-03-20
independent and separate from other components described herein.: Also, each
component can be used in combination with other components. Further, one or
more
components can be external to the system and accessible by the system to
create a
seamless virtual system. In one embodiment, the: technical effect of the
system is to
provide for a digitized process to facilitate managing functions related to
asset
financing and credit history.
Figure 1 is a simplified block diagram of an exemplary Asset Finance System
including a server system 12 and a plurality of devices 14 connected to server
system 12. In one embodiment, devices 14 axe computers including a web
browser,
and server system 12 is accessible to devices 14 via the Internet.
Alternatively,
devices 14 are any device capable of interconnecting to the Internet including
a web-
enabled phone, personal digital assistant (PDA); or other web-enabled
connectable
equipment. Devices 14 are interconnected to the Internet through many
interfaces
including a network, such as a local area network (LAN) or a wide area network
(WAN), dial-in-connections, cable modems and high-speed connections.
System 10 utilizes a web-enabled database 16 to automate asset finance
processes. In one exemplary embodiment, system 10 utilizes a Relational
Database
with a web interface for user input and reports. Information is accessed in
the
database through Structured Query Language (SQL). In one embodiment, database
16
is centralized and is stored on server system 12 through one of client systems
14: In
an alternative embodiment, database 16 is stored remotely from server system
12 and
is non-centralized.
Figure 2 is a more detailed block diagram of exemplary Asset Finance System
10 illustrating a server architecture for server system 12: Server system 12
includes a
primary database server 20 including a data storage device (not shown) and a
fail-over
database server 22 including a data storage device (not shown). Fail-over
server 22,
in one embodiment, is utilized as a gateway server which provides performance
gains
and fail-over for connections to the system applications. The data storage
devices are
utilized for storing SQL databases and membership & Web databases. In
addition,
server system 12 includes multiple LDAP servers 24 which perform Windows Load
Balancing Services. Servers 24 ;perform various functions including
user/member
authentication services. The configuration of servers 24 through the use of
Windows
Load Balancing Services supports ease of scaling by allowing additional web
servers
to be added to the cluster of servers 24. In an exemplary embodiment, servers
24 are
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85CE=00111 CA 02377715 2002-03-20
dedicated to servicing web pages, both static and dynamic, thus providing for
performance enhancements over mufti-tasked servers.
Servers 20, 22; and 24 are connected to a frst primary firewall 26 through a
first digital switch 28. In addition, servers 20, 22, and 24 are connected to
a
secondary firewall 30 through a second digital switch 32: In an alternative
embodiment, servers 20, 22, and 24 are connected to secondary firewall 30
through
primary firewall 26. A control LAN management station 34 is connected to
primary
firewall 26 and secondary firewall 30 through second digital switch 32.
Primary
firewall 26 includes a SQL server port, a LDAP server port, a MSDTC server
port,
and an optional SMTP server port:
Firewalls 26 and 30 are connected to at least one IIS & MTS/CQM server 36
through a third digital switch 38. IIS & MTS/COM servers 36 store a series of
business logic COM objects utilized by system 10. In addition, servers 36
include
ActiveX objects, Active server pages, and Microsoft Site Server Commerce. In
an
alternative embodiment, servers 36 include optional SMTP services: With the
combination of MTS and MSCS, servers 36 provide a static load balancing
mechanism, i.e., the same COM object can be active on multiple servers and not
just
available for fail-over scenarios. In an exemplary embodiment, servers 36 only
provide MTSICOM service to system 10 and therefore provide ' performance
enhancements over mufti-tasked servers
Servers 36 are connected to devices 14 through the Internet S0. The
connection passes through a second primary firewall 40. Servers 36 are
connected to
primary firewall 40 through a fourth digital switch 42. In addition, servers
36 are .
connected to a secondary firewall 44 through fourth digital switch; 42. In an
alternative embodiment; servers 36 are connected to secondary firewall 44
through
primary firewall 40. A control LAN management station 46 is connected to
primary
firewall 40 and secondary firewall 44 through a fifth digital switch 48.
Primary
firewall 40 includes an HTTP port, an SSL port, and an optional 'SMTP port.
Firewalls 40 and 44 are connected to the Internet 50 through a sixth digital
switch 52.
User devices 14 are connected to the Internet 50 as described above with
respect to
Figure 1.
Each device 14, in the exemplary embodiment, is a personal computer
including a web browses. The communication in the exemplary embodiment is
illustrated as being performed via the Internet, however, any other WAN type
85CE-00111 CA 02377715 2002-03-20
communication can be utilized, i.e., the systems and processes are not limited
to being
practiced via the Internet. In addition, and rather than a WAN, a LAN could be
used
in place of the WAN.
System 10 provides scalability, availability (fail-over) and performance at
all
tiers; while fully utilizing each node in server system 12: System 10 and
devices 14
are configured to download and upload required data through a secure
connection,
from each other, for performing the required functions. Continuous
enhancements
provide compatibility to use new technology as it becomes available which
ultimately
reduce cost and improve efficiency:
Figure 3 is a block diagram of an exemplary application architecture 60 for
Asset Finance System 10 (shown in Figures 1 and 2). Architecture 60 includes a
presentation services layer 62 and an application services layer 64.
Presentation
services layer 62 includes a plurality of Active Server Pages (ASP) 66 that
provide for
the presentation and client-side validations, utilizing, for example, HTML and
Javascript. Users access server system 12 by utilizing a device 14 including a
browser
(not shown), accessing he Internet 50, passing through a firewall 40, and
accessing
presentation services layer 62. Presentation services layer 62 includes 'a Web-
based
front-end customized to the user accessing system 10. For example, when a
dealer
enters system 10, make and model drop down lists display only the lists of
makes and
models for that dealer, and not for other dealers. Also, maximum dealer prices
are
specific to the dealer accessing system 10. The user ID input by the user
indicates
which user is accessing system 10 and system 10 then displays the appropriate
customized information.
Application services layer 64 includes a business logic middle tier having a
series of COM objects which implement business rules utilized by system 10.
The
business logic middle tier permits rapid configuration of asset finance
programs
specific to Dealers and End User requests without additional programming .and
customization. Within each asset finance program are different levels of
approval !that
allow further customization of transaction workflow. This further
customization'
permits the entering of certain parameters related to interest rate retention.
amounts,
user access and feature availability.
In one embodiment, the business rules reside in application services layer 64.
For example, application services layer 64 includes a business COM objectl 68
and a
business COM object2 70 linked o a transaction COM object 72 which interfaces
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85CE-00111 CA 02377715 2002-03-20
with a transaction system 74. In an exemplary embodiment, transaction COM
object
.72 is integrated with a transaction link 76, and calls an appropriate
function in
transaction system 74 by opening an appropriate port on transaction system 74
via
transaction link 76: Transaction system 74 performs fiu~.crional processing
and
information is returned to the calling business logic object which then passes
the
information onto the appropriate ASP 66 that originated the transaction:
Transaction
COM object 72, transaction system 74 and transaction link 76 form a
transaction
utility. In one embodiment, the transaction utility is currently available
from Experian
Scorex and transaction link 76 is a transaction SDK.
Transaction system 74 includes a credit scoring tool and performs credit
scoring, makes determinations regarding credit applications, and performs
credit
bureau checks for commercial and individual applicants. Transaction system 74
includes credit policy rules and determines a status of a credit application.
In one
embodiment, transaction system 74 is external to system 10 and is accessed
through a
firewall 78. In addition, a database 80 is external to server system l2 and is
connected
to server system 12 via firewall 78. In an alternative embodiment, database 80
resides within server system 12. Database 80 includes information pertaining
to
Customer Quote, Credit Application; Documented Applications, Dealership
Programs, Dealership Types, Dealer Profile, Marketing Programs, Pricing, Tax
Rates,
Dealer Equipment, Customer Account History, Maximum Financing Terms, Leasing
Factors, Maximum Residual, PMS Program to TCA mapping, and Credit Bureau
information.
In addition, business COM object2 70 is linked to a document generation
integration COlVI object 82 which forms a portion of a document generation
utility.
Document generation integration COM object 82 is linked with :a document
generation application 84. More pecifically, business COM obj ect2 70 is
linked to
document generation integration COM object 82 which interfaces with document
generation application 84 and calls on document generation application 84 to
generate
a PDF document and store the document on an appropriate file system. A handle
(pointer) to the file is returned to the calling object which is passed back
to the
respective ASP 66 for display on device 14. In an alternative embodiment,
document
generation application 84 creates a PDF file merged with the data.
Application services layer 64 also includes at least one object integrated
with
an external data repository. In one embodiment, application services layer 64
includes
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an electronic signature object 86 linked to an electronic signatures database
88, an
Interactive processing system Integration object 90 linked to an Interactive
processing
system database 92, and a PMS Integration object 94 linked to a PMS
Application
database 96. Databases 88, 92; and 96 are external data repositories.
Interactive
processing system database 92 receives a daily extract of approved credit
applications
from system 10 which is used for verification when deals are booked. The
extract
obtains changes and new credit approvals for a predetermined period of time.
PMS
Application database 96 provides information to database 80. In one
embodiment, the
COM objects are built, for example, utilizing MS Visual Basic. Alternatively,
the
COM objects are built utilizing MS Visual C++.
Asset Finance System 10 is used initially to generate finance quotations or
gather application information from Dealers or End Users requiring financing
services. The-information is input in a customized series of screens and
yields, in one
embodiment, a series of payment alternatives, a finance quotation or credit
application. Specific information about the customer (name, address, etc.) is
retained
in the database of system 10 to expedite subsequent submissions of
information. At
the request of the individual inputting the information, the application is
submitted
electronically. This results in the automated credit scoring of the
transaction which
includes links and inputs from third party credit rating agencies as well' as
accessing
historical information on the applicant's history if available. If certain
thresholds are
met, an instant decision is rendered based on the applicant information. If
these
thresholds are not met; the application information is forwarded
electronically to the
attention of a credit analyst.
The credit analyst uses the imbedded workflow of the system to gather
additional pieces of information sufficient to yield a decision on the
application and
electronically communicates this information back to the individual who
submitted
the information. Functionality imbedded in the system allows the analyst to
delay the
delivery of responses for periods of time to allow 100% consistency in the
response
time to user requests. The analyst can change components of the transaction
and these
changes are communicated back to the person who entered the information in the
form
of different colors on transaction summary screens for components of the
transaction
that were changed by the analyst. The analyst and the customer communicate
electronically during this phase of processing in the form of an appeal
process in the
event that the initial decision rendered by the analyst is not acceptable and
other
alternatives acceptable to both parties are available.
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All information is retained 'throughout this process to be used for future
analysis and in the event that information in entered applications changes and
needs to
be resubmitted to the analyst. The Dealers and End Users have the opportunity
to
review a list of all the transactions they have entered into the system at
anytime and to
see the current status of these transactions.
After a transaction has been approved by the credit analyst, the Dealer or End
User can access the system to generate all required documentation ' necessary
to
complete the transaction. The Dealer or End User accesses the documentation
feature
and, by entering or modifying additional information in a step by step
process,
generates the required documentation for email transmission or to be printed
and
executed by the relevant parties. A variety of documentation types is
available based
on the information submitted along with specific requirements of the
transaction.
Figure 4 is a workflow diagram of a method 100 of obtaining credit finance
information performed by Asset Finance System 10 (shown in Figures 1 and 2).
System 10 is accessed by a user through a Login Page 102, that after
successful login,
transmits a Home Page 104 of the business entity's web site. The user is one
of a
dealer sales person, an F&I manager, a dealer principal, an end-customer, a
credit
analyst, and an administrator. Sales people typically use system 10 to obtain
quotes,
receive credit approval, and generate and retrieve documents. F&I managers and
dealer principals typically use system 10 to track deals being booked and the
profit per
deal, with a particular interest in dealer rate and additional products sold
such as
insurance. An end-customer is any user on the Internet who logs onto system 10
to
receive a quote directly from system 10. In an alternatiive embodiment, end-
users
apply for credit directly, instead of through a dealer. Credit analysts
utilize system 10
to review the credit analysis performed by system 10. Administrators typically
use
system 10 to create documents for customers that do not have access to
computers and
to verify when a deal is funded.
In one embodiment, the received information is submitted by the user to obtain
at least one of a Compare Payments 106, a Finance Quote 108, a Customer
Profile
110, a Credit Application 112; a Deal Status 114, and a Dealer Information
116. If a
user selects Compare Payments 104, the user is prompted to enter 116 criteria
relating
to a potential deal: System 10 displays a listing of results that are compared
118 by
the user: The user has the option to print 12U the results.
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Alternatively, the user can obtain Finance Quote 106. System 10 queries the
user regarding whether the user wants to search 122 for a previously input
customer
profile: If the user wants to create a new customer profile, system 10
prompts: the .user
to setup a customer profile 108: as will be explained in detail below. If the
user does
not want to create a new customer profile, the user is then able to build.124
a Finance
Quote. System 10 prompts the user to input information sufficient to obtain a
finance
quote based on payment options input by the user and the financing conditions.
System 10 then determines 128:an appropriate payment plan quote which is
displayed
on the user's device. The user has the option to view 130 the quote and print
the
quote. After system 1 Q displays the payment plan quote, the user has the
option to
proceed with a credit application 110 and: the user is advanced to a main
applicant
information page 132. Alternatively, the user can exit the web site.
Another option for the user is to build a customer profile 108, either from a
blank form, or from a partially completed form. The user accesses system 10 to
search 134 for a previously entered customer profile. System 10 displays the
search
results 136 to the user. If a completed previously enter customer profile is
found,
system 10 transmits a Build your Application 138 section of the web site to
the user's
device. If a completed customer profile is not found, system 10 determines
whether
the user is an individual user or a commercial user.
To build an Individual customer profile 140 the user enters customer profile
information 142 including EmploymentlFinancial information 144 and Banking and
Insurance Information 146. Once the information is entered and accepted by
system
10, the user has the option to Build a Finance quote 124. Alternatively; the
user has
the option to build a credit application 138.
To build a commercial customer profile 148, the user enters customer profile
information 150 including banking and insurance information 152. ~ Once the
information is entered and accepted by system 10, the user has the option to
build a
credit application 138.
The user also has the option to submit a credit application 110 through system
10. Initially, the user enters information sufficient to enable system 10 to
search 154
for a previously submitted customer profile: If one is found, the user
continues with
the credit application. If a customer profile is not found, the customer
profile 108
portion of the web site is transmitted to the user. To continue with the
credit
application, the user is prompted to build 138 the credit application by
entering 132
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information pertaining to the main applicant. The information submitted by the
user
to build the credit application includes a user ID and a password that the
user inputs at
login. System t0 analyzes the user ID to determine a level of access the user
has to
system 10. For example, access to system 10 is restricted by menu option,
field, and
data. Dealer salespersons are only able to view their own deals, F&L managers
and
dealer principals are able to view all deals for the salespeople working for
them, and
finance institution personnel are able to view all deals and have access to
all menu
options.
In one embodiment, there are four access levels for dealers. 'Level 1 is a
complete access level that provides access to any deals booked by'
salespersons
reporting to the dealer. System 10 accepts information pertaining to quote,
credit
application, and document information. The user is able to modify dealer
defaults and
view a deal status report. Leve12, is an access to quote, credit and documents
level
with no ability to modify dealer reserve, System 10 accepts quotes and credit
applications from a level 2 user and generates documents for the deal. The
user is
only able to view the user's deals. Level 2 access does not include the
ability to
modify dealer reserve. Level 3 is an access to quote and credit application
components level. System 10 accepts information pertaining to the quote and
credit
application but does not generate the deal documents. Level 4 access provides
quote
access so a user is able to utilize the system to generate a quote for a
customer.
In addition, there a two levels of financial institution access, credit access
'and
administration access. Credit access allows the user access to a review module
and to
a documents module. In addition, Credit access allows the user to view the
deal status
report. Administration access allows the user access to the quote, credit
(view only
access) and document module and allows the user to view a deal status report.
System 10 includes an on-line tutorial that guides a user through submitting a
credit application, obtaining approval, and printing the deal documents:
System 10
prompts the user to input main application information 132,
Employment/Financial
information 156, and equipment and trade-in information 158. In an alternative
embodiment, system 10 prompts the user to enter information pertaining to
attachment information:
System 10 performs a credit search by accessing at least one external credit
bureau database and provides 160 a credit decision based on the credit
application: In
an exemplary embodiment, the information pertains to finance applications,
such as
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from the transportation; construction, and material handling markets: System
10
interacts with a transaction application which queries a relational database
to obtain
information for scoring the application and returns a credit decision using an
identified key field. In one embodiment, the transaction application obtains a
list of
records from a credit bureau for commercial and individual applicants based on
input
parameters and criteria.
As indicated previously, the transaction application system is linked to'at
least
one credit bureau and obtains credit reports from the credit bureaus. In one
embodiment, the credit bureaus are Dun & Bradstreet for commercial
applications and
Equifax for commercial and individual applicants. The transaction application
then
processes the credit report and generates and supplies a credit decision 'to
system 10
such- as declined, accepted, system referred; and others. In one embodiment,
the
transaction application queries the relational database server so all of the
application
information does not need to be supplied to the transaction application as
part of the
input parameters. In one embodiment, a credit application is resubmitted to
the
transaction application after the application has been modified. The
transaction
application then queries the credit bureaus regarding the riiodified
applications.
If certain thresholds are met, an instant credit decision 162 is rendered
based
on the applicant information and the decision is electronically transmitted to
the user
along with he appropriate documents. If certain thresholds are not met by the
application, the application information is forwarded electronically to the
attention of
a credit analyst. After receiving information from the transaction
application, the
credit analyst reviews the credit application and makes a credit decision. The
credit
analyst makes the decision based, at least in part, on information received
from
system 10 such as credit information obtained from a credit bureau, the
customer's
payment history with the financial institution, and other available
information.
System 10 then transmits one of accept; decline, refer, or pend regarding the
credit
application to user device 14. In one embodiment, system 10 transmits: a
reason for
declining or pending the deal to device 14. The user can then print 164 the
credit
application documents and proceed to obtain funding.
System l0 prompts the user to search 166 for a pending deal, or to initiate a
new deal. System 10 obtains 168 existing deal status results if they have been
accepted. System 10 transmits to 'device 14 a payment plan approved by system
10.
In an exemplary embodiment, the payment plan includes one of stretch, skip,
and
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accelerated payment options. In addition, a user can choose from a variety of
rate
type alternatives including fixed rate and floating rate structures. For
example, for a
floating rate structure, the user inputs a spread percentage and system 10
utilizes the
input information to calculate the payment plan. In one embodiment, system 10
also
supplies and compares a variety of payment plans to provide the customer with
multiple payment options: In addition, system 10 is couf'igured to process
multiple
drawdowns from a single credit approval and track how much credit has been
used as
well as the remaining balance.
For the embodiment in which the customer is a dealer, system 10 includes a
dealer pending process that enables 'a dealer to make changes to a finance
application
that the dealer has not yet submitted to obtain credit appr«val. In one
'embodiment,
the dealer pends an application to wait for missing information. In an '
alternative
embodiment, system 10 transmits reminders to the dealers informing them of
credit
decisions and missing information. The reminders are transmitted via email.
Method 100 further includes accepting 170 the funding deal with no change.
Once the user agrees to the acceptance, system 10 prompts the user to print
172 the
appropriate documents to finalize he deal. If changes are to be submitted to
the deal,
system 10 will accept 174 the deal changes from a customer after the deal has
been
approved if the changes are within certain predefined Limits specific to that
customer.
Any customer changes to an approved deal that exceed the predefined limits are
flagged by system 10. System 1 O then transmits a warning to the customer,
indicating
that the proposed changes may result in delays during funding: The customer
has the
opportunity to withdraw the proposed changes and proceed with the unaltered
application. Alternatively, the customer has the opportunity to maintain the
altered
application and accept any resulting delays. System I0 updates the deal status
until
actual funding takes place. Thus updates may be provided after credit approval
and
document generation depending on when the request for deal change was made.
System 10 transmits 176 to device 14 information such that the user can print
deal documents. In an alternative embodiment, the information is transmitted-
to the
user such that the user can download the deal documents to a disk and save
them. The
user is able to change the name; address or other information and proceed to
generate
the deal documents. In one embodiment; the deal may only be documented if the
deal
has been approved by system 10. The information also includes descriptions of
each
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85CE-00111 CA 02377715 2002-03-20
document to provide the user with an understanding of the documents and which
documents the user should print and use.
Dealers can access system 10 to obtain information on dealer ,participation.
Dealers can search 180 for deals, review 182 the search results, calculate 184
participation, and print 186 any applicable results. In addition, dealers can
access and
create participation reports 188 as: well as finance and insurance reports ~
90. Further,
dealers can create dealer default settings 192 within system 10 such that when
a user
from that dealer logs onto the system, a customized user interface greets the
user: To
build customized dealer defaults; the dealer searches 194 existing dealer
defaults and
system 10 displays 196 those results. The dealer sets 198 dealer default
inputs and the
dealer defaults are saved 199 by system 10.
In addition, system 10 provides dealers with deal status and dealer profit
information. The dealer may view the dealer's quotes, applications, and
documented
deals. In an alternative embodiment, the dealer may view the quotes,
applicatibns,
and documented deals for all personnel reporting to the dealer. The dealer may
also
view a report of dealer profit from a number of sources, including dealer
reserve,
second level residual, and others. System i0 tracks deals by a variety of
keys, such
as, credit analyst, user, and deal status.
Figure 5 is an exemplary embodiment of a user interface 200 ; displaying a
Login Page of Asset Finance System 10 (shown in Figures 1 and 2) and prompting
a
user to log into the system. User interface 200 prompts the user to input a
user name
and a password. User interface 200 also prompts the user to select either
French or
English. In addition, user interface 200 requests that the user agree to be
bound by the
terms and conditions set forth at link 202. In one embodiment, if the user
selects I
agree button 204, and a correct user name and password are supplied, the user
is
allowed access to the remainder of the web site. If the user does not agree to
be bound
by the terms set forth at link 202; the user is denied access to the remained
of the web
site.
Figure 6 is a user interface 210 displaying a Home page of system 10. Each
page of the web site includes two main components. The first component is the
Navigation Bar 212 and the second main component is the Input ;Screen 214.
Navigation Bar, 212 is utilized to navigate through the web-site or to end the
session
(cancel). The Input Screen is utilized to enter the information required' to
complete
the Credit Application. Some of the Input Screen fields are mandatory and if
not
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85CE-00111 CA 02377715 2002-03-20
completed the user will not be able to advance to the next screen. Navigation
Bar 212
includes a business home page button 216, a system home page button 218; a
logout
button 220, Contact us button, and a Power Tips button 222. Power Tips button
222
is an on-line frequently asked questions help link:
Navigation Bar 212 also includes a Compare Payments button 224, a Finance
Quote button 226, a Credit Application button 228, a Deal Status button 230,
and a
Customer Profile button 232. Compare Payments button 224 is utilized to
compare
monthly payments for up to three different marketing programs on a single
page.
Finance Quote button 226 is utilized to create a new quote for either an
exiting
customer from'your customer database or a new customer that will automatically
be
added to a customer database. Credit Application button 228 is utilized to
submit a
credit application for either commercial or individual clients directly to a
finance
analyst. Customer profile button 234 is utilized to update and edit existing
customer
prof les in interactive services. Navigation Bar 212 also includes a Dealer
button 234
that includes a pealer Participation link 236, a Participation Report 238,':
and a Dealer
Defaults link 240. Dealer button 234 and associated links 236, 238; and 240
are
utilized to check and print dealer participation on all interactive services
deals and to
set and save defaults for a dealership including rate participation, down
payment
amount, and term length.
Figure 7 is a user interface 250 displaying a Compare Payments page that is
accessed by selecting Compare Payments button 226 on Home page 210. A user is
prompted to complete a four step process that provides system 10 with the
information to be used to generate a comparable quote. The first step is to
enter
customer information by selecting either an individual customer type button
252 or a .
commercial customer type button 254 and selecting an appropriate Province from
a
Province pull down menu 256 that lists a number of provinces or states of a
region.
The second step includes entering a total equipment price by inputting the
information
into an information block 258. The third step includes choosing up to three
marketing
programs the user would like to compare by accessing three respective pull
down
menus 260 that each list different types of financial transactions. The fourth
step
includes entering deal structure options by entering a cash down payment into
an
appropriate information block 262 and by selecting either an Advance payment
type
button 264 or an arrears payment ype button 266. In addition, a term 268 is
chosen
by selecting one of 12 months, 24 months, 36 months, 48 months, 60 months, and
72
months. The fourth step further includes choosing residuals , 268 such as 0%,
5%,
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85CE-00111 CA 02377715 2002-03-20
10%, 15%, 20%, 25%, 30%, and 35%: User interface 250 also includes a calculate
button 272. Selection of calculate button 272 enables system 10 to utilize the
input
information to perform an appropriate comparison: User interface 250 also
includes
an exit button 274 that exits the user from the: web site.
The results generated by system 10 after calculate button 272 is selected are
output in table form with a comparison of only valid deal structures. The
table shows
the marketing program, term, residual and monthly payment amount for easy
comparison. Since only valid deal structures appear, the compare sequence must
be
repeated with a different deal structure if the ideal marketing program is not
output.
Once the user determines a suitable marketing program and payment structure;
the
user submits an application or the user navigates to Finance Quote to further
refine the
deal structure before submitting an application in the credit sequence.
Figure 8 is a user interface 300 displaying a Finance Quote main page that is
accessed by selecting Finance Quote button 228 on home page 210. User
interface
300 includes a New Commercial button 302 that links the user to a New
Commercial
customer page (shown in Figure 9) and a New Individual button 304 that links
the
user to a New Individual customer page (shown in Figure 10). Selection of
either
button 302 or button 304 enables system 10 to create a new customer profile.
Alternatively, the user can request the system to search for an existing
customer,;i.e.,
customers previously entered into system 10. The search criteria include a
customer
number 306, a program 308; a dealer 310, a customer type 312, and a business
name
314. The search criteria also include a first name 316, a last name 318, a
city 320; and
a province 322. Once the requested information is input, search button 324 is
selected
and system 10 searches the appropriate database for a matching customer. If
system
finds multiple matches to the search criteria, each matching entry will be
displayed
to the user with a prompt to select he correct customer profile. User
interface 30 also
includes a Skip Customer Profile section 326 that enables a user to access a
Finance
Quote quickly by selection of Go to Finance Quote button 328 and enter
customer
information for,a single time purpose. If the quote is taken to a credit
application, the
customer information will not be saved and there will be no record of this
customer in
the customer profile.
Figure 9 is a user interface 340 displaying a New Commercial Customer
Profile page that is accessed by selecting New Commercial button 302 on
Finance
Quote page 300. User interface 340 includes information blocks for receiving a
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85CE-00111 CA 02377715 2002-03-20
business name 342; a contact name 344; a contact telephone number 346 and an
email
address 348. In addition, the user is prompted to select an appropriate
guarantor 350,
if a guarantor will be utilized for the transaction. If guarantor 350 is
selected; system
transmits a Guarantor page (not shown) to the user for completion. The
Guarantor
page includes information requests directed to obtaining contact information
of the
guarantor. User interface 340 also includes information blocks 352 pertaining
to
Customer address, information ' blocks 354 pertaining to business structure,
and
information blocks 356 pertaining to dealer information. In addition, user
interface
340 includes a Next button 358 o proceed to the next user interface and an
Exit
button 360 to exit the web site. The commercial customer profile can be
changed by
selecting the profile information and making edits in the appropriate
locations. Such
changes will be accepted by system 10 if system 10 is directed to save such
information.
Figure 10 is a user interface 370 displaying a Bank and Insurance Information
page that is accessed by selecting Next button 358 on user interface 340. User
interface 370 includes information blocks 372 for receiving banking
information
regarding the financial institution utilized by the user's company and
information
blocks 374 for receiving insurance information including the insurance broker
and
associated information. User interface 370 also includes a Back button 376 to
transmit the previous user interface to the user; a Save and Exit button 378
to save the
input information and leave the web site, a Next button 380 to transmit the
next user
interface to the user, and an Exit button 382 to exit the web site. The bank
and
insurance information can be changed by selecting the bank and insurance
information
and making edits in the appropriate locations. Such changes will be accepted
by
system 10 if system 10 is directed to save such information.
Figure 11 is a user interface 390 displaying a New Individual Customer Profile
page that is accessed by electingNew Individual button 304 on Finance Quote
page
300. User interface 34U includes information blocks 392 for receiving customer
information including guarantor type 394. The user is prompted to select, an
appropriate guarantor, if a guarantor will be utilized for the transaction. If
guarantor
394 is selected; system 10 transmits a Guarantor page (not shown) to the user
for
completion. The Guarantor page includes information requests directed to
obtaining
contact information of the guarantor. In addition, user interface 390 includes
information blocks 396 for receiving customer address information and
information
blocks 398 for receiving a credit profile of the customer. Accurate and
complete
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85CE-00111 CA 02377715 2002-03-20
information supplied in the information blocks highlighted by an asterisk will
increase
the possibility of an instant decision and will decrease turnaround ;time for
the
application. User interface 390 also includes a Next button 400 to transmit
the next
user interface to the .user and an Exit button 442 to exit the web site. The
individual
customer profile can be changed by selecting the profile information and
making edits
in the appropriate locations. Such changes will be accepted by system 10 if
system 10
is directed to save such information.
Figure 12 is a user, interface 410. displaying a first portion of an
EmploymentlFinancial :Information pagE that is accessed by selecting Next
button 400
on user interface 390. User interface 410 includes information blocks 412 for
receiving employment information of the individual customer and a link 414 to
enter
information into a personal net worth statement: The employment information
can be
changed by selecting the employment information and making edits in the
appropriate
locations. Such changes will be accepted by system 10 if system 10 is directed
to
save such information.
Figure 13 is a user interface 42U displaying a Personal Net Worth Statement
page that is accessed by;selecting link 414 on user interface 410 shown in
Figure 12.
User interface 420 includes information blocks for receiving information
pertaining to
the personal net worth of the individual. Such information blocks include an
assets
information block group 422, a liabilities information block group 424, and a
general
information block group 426. System 10 determines the customer's net worth
based
on the information input to user interface 420. The personal net worth
statement can
be changed by selecting the net worth statement information and making edits
in the
appropriate locations. Such changes will be accepted by system 10 if system 10
is
directed to save such information.
Figure 14 is a user interface 440 displaying a Build dour Finance Quote page
that is accessible after a customer profile has been built or selected. User
interface
440 includes a Dealer Information portion 442 that is populated based on the
user's
login ID and password. User interface 440 also includes an Applicant
Information
portion 444 that is populated based on information input to one of user
interface 300
(shown in Figure 8), user interface 340 (shown in Figure 9), and user
interface 390
(shown in Figure 11). If information has not previously been input at one of
user
interfaces 300; 340, and 390; the user then inputs the requested information
in the
associated information blocks. User interface 440 also includes a Deal
Structure
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85CE-00111 CA 02377715 2002-03-20
portion 446 that is utilized to determine the suitable deal structure for the
customer,
such as; marketing program, pricing level, payment structure, and rate type.
User
interface 440 further includes an Insurance Program portion 448 that includes
information blocks pertaining to life insurance and disability insurance. User
interface 440 also includes' a Build button 450 to transmit the next user
interface to the
user, and an Exit button 452 to exit the web site:
Figure 15 is a user interface 460 displaying an Enter Quotation Information
page that is accessed by electing Build button 450 on user interface 440 shown
in
Figure 14. User interface 460 prompts the user to input Application
information,
Value of Application, Financing Conditions and Insurance. User interface 460
includes an Equipment Information-portion 462 that includes associated
information
blocks pertaining to number of units, new/used, year, description, model,
price and
type of equipment. If there are more than three pieces of equipment to be
entered; the
user selects the Go button 464 to add another row to the able. Additional
information
can be supplied by selecting Equipment Description link 466. User interface
460 also
includes a Trade-in Information link 468 that, upon selection, supplies a
Trade-in
Information table (not shown) to the user for inputting information pertaining
to trade-
ins. User interface 460 also includes a Deal Structure portion 470 User
interface 460
further includes a Back button 472 to transmit the previous screen to the
user, a
Calculate button 474 to proceed to the next user interface, and a next button
476 to
exit the web site.
Figure 16 is a user interface 480 displaying a Payment Calculation page that
is
accessed by selecting Galeulate button 474 on user interface 440 shown in
Figure 15.
User interface 480 includes information blocks pertaining to Business Name
482,
First Name 484, Last Name 486, Application ID# 488, Total Amount to Finance
490,
Net Trade-in Allowance 492 and Monthly Payment 494. In addition; user
interface
480 includes a Re-calculate button 496, a View Quote button 498, a. Go to
Credit
button SOU, a Save Changes button 502; and a Cancel button 504. Application ID
# is
not populated until the user selects either View Quote button 498 or Save
Changes
button 502. Monthly Payment block 494 is populated by system 10 based upon
information supplied on the previous user interfaces: Selection of Re-
calculate button
496 transmits the previous screen to the user to enable the user to change
information
supplied to system 10: Selection of View Quote button 498 instructs system 10
to
print a copy of the quote for the user's records or the customer's records.
Selection of
Go to Credit button 500 allows the user to obtain instant approval on the
request.
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85CE-00111 CA 02377715 2002-03-20
Selection of Cancel button 504 exits the user from the present finance quote'
and
deletes the quote from system 10.
Figure 17 is a user interface 510 displaying a Retrieving Saved Quote page
that is accessed by selecting a Deal Status button 232 found in Navigation Bar
212 of
the user interfaces. The user retrieves an existing quote by submitting
information for
at least one of an Application ID 512, Name f 14, Date 516; Status 518, and
Sales
Person 520 by selecting a Search button 522. A list of deals that satisfy the
search
criteria is then retrieved by system 10. ,System 10 transmits to user device
14 (shown
in Figures 1 and 2) information pertaining. to Application ID, First Name,
Last Name,
Business Name, Sales Person, and Status: System 10 provides tl3e user with
additional details regarding any of the above listed information categories
and allows
the user to drill down on any of the information categories to view and modify
the
quote.
Figure 18 is a user interface 530 displaying a Credit Application Main Page
that is accessed by selecting either Credit application button 230 on the
Navigation
Bar 212 or selecting a Credit A~plieation button on user interface 2:10 shown
in
Figure 6. The user obtains a decision from system 10 regarding whether credit
should
be approved to an end-customer by supplying information to system 10 via user
interface 530 and associated user interfaces. User interface 530 includes a
Create
New Customer Profile portion 532 that includes a New Commercial button 534
linking the user to a New Commercial customer page (shown in Figure 19) and a
New
Individual button 536 that links the user to a New Individual customer page
(shown in
Figure 20). Selection of either button 534 or button 536 enables system 10 to
create a
new customer profile. Alternatively; the user can request the system to search
for an
existing customer, i.e., customers previously entered into system 10. The
search
criteria include a customer number 538, a program 540, a dealer 542, a
customer type
544; and a business name 546. The search criteria also include a first name
548; a last
name 550, a city 552, and a province 554. Once the requested information is
input, a
search button 556 is selected and' system 10 searches the appropriate database
for a
matching customer. If system l0 finds multiple matches to the search criteria;
each
matching entry will be displayed to the user with a prompt to select the
correct
customer profile. User interface 530 also includes an Exit button 558 that
exits the
user from the web site.
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85CE-00111 ~ 02377715 2002-03-20
Figure 19 is ~a user interface 560 displaying a New Commercial Customer
Profile page that is accessed by selecting New Commercial button 534 on user
interface 530 shown in Figure 18. User interface 560 includes information
blocks for
receiving a business name 562,: a contact name 564, a contact telephone number
566
and an email address 568. In addition, the user is prompted to select an
appropriate
guarantor 570, if a guarantor will be utilized for he transaction. If
guarantor 570 is
selected, system 10 transmits a -Guarantor page (not shown) to the user for
completion. The Guarantor page includes information requests directed to
obtaining
contact information of the guarantor. User interface 560 also includes a set
of
information blocks 572 pertaining to a Customer Address, a set of information
blocks
574 pertaining to a Business Structure, and a set of information blocks 576
pertaining
to Dealer Information. In addition, user interface S60 includes a Next button
578 to
proceed to the next user interface and an Exit button 580 to exit the web
site.
Figure 20 is a user interface 590 displaying a Bank and Insurance Information
page that is accessed by selecting Next button 578 on user interface 560 shown
in
Figure 19. User interface 590 includes information blocks 592 for receiving
banking
information regarding the financial institution utilized by the user's company
and
information blocks 594 for receiving insurance information including the
insurance
broker and associated information. User interface 590 also includes a Back
button
596 to transmit the previous user interface to the user, a Save and Exit
button 598 to
save the input information and leave the web site; a Next button 600 to
transmit the
next user interface to the user, and an Exit button 602 to exit the web site..
Figure 21 is a user interface 610 displaying a New Individual Customer Profile
page that is accessed by selecting New Individual button 536 on user interface
530
shown in Figure 18. User interface 610 includes information blocks 612 for
receiving
customer information including guarantor type 614. The user is prompted to
select an
appropriate guarantor, if a guarantor will be utilized for the transaction. If
guarantor
394 is selected; system 10 transmits a Guarantor page (not shown) to the user
for
completion. The Guarantor page includes information requests directed to
obtaining
contact information of the guarantor. In addition, user interface 610 includes
information blocks 616 for receiving customer address information and
information
blocks 618 for receiving a credit profile of the customer. Accurate arid
complete
information supplied in the information blocks highlighted by an asterisk
increase the
possibility of an instant decision and decrease turnaround time for the
application.
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85CE-00111 CA 02377715 2002-03-20
User interface 610 also includes a Next button 620 to transmit the next user
interface
to the user and an Exit button 622 to exit the web site.
Figure 22 is a user interface 630 displaying a first portion of an
Employment/Financial. Information page that iS accessed by selecting Next
button' 620
on user interface 610 shown in Figure 21. User interface 630 includes
information
blocks 632 for receiving employment information of the individual customer.
Figure 23 is a user interface 640 displaying a second portion of an
Employment/Financial Information page that is accessed by scrolling down user
interface 630 shown in Figure 22. User interface 640 includes information
blocks for
receiving information pertaining to the personal net worth of the individual.
Such
information blocks include an assets information block group 642, a
liabilities
information block group 644, and: a general information block group 646.
System 10
determines the customer's net worth based on he information input to user
interface
640. .
Figure 24 is a user interface 660 displaying a Build dour Credit Application
page that is accessible after a customer profile has been built or sel~eted.
User
interface 660 includes a Dealer Information portion 662 that is
populated° based on the
user's login ID and password: User interface 660 also includes an Applicant
Information portion 664 that is populated based on information input to one of
user
interface 530 (shown in Figure I8); user interface 560 (shown in Figure 19);
and user
interface 610 (shown in Figure 21). If information has not previously be input
at one
of user interfaces 530, 560, and 610; the user inputs the requested
information in the
associated information blocks. User interface 660 also includes a Deal
Structure
portion 666 that is utilized to determine the suitable deal structure for the
customer,
such as, marketing program, pricing level, payment structure, and rate type.
User
interface 660 further includes an Insurance Program portion 668 that includes
information blocks pertaining to life insurance and disability insurance, User
interface 440 also includes a Build button 670 to transmit the next user
interface to the
user, and an Exit button 672 to exit the web site.
Figures ' 25 and 26 form a two part user interface 680 displaying a Main
Applicant Information page that is accessed by selecting Build button 670 on
user
interface 660 shown in Figure 24. User interface 680 shown in Figure 25
includes a
Main Applicant Information portion 682 with associated information blocks and
a
Main Applicant Address portion 684 with associated information blocks. User
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85CE-00111 ~ 02377715 2002-03-20
interface 680 shown in Figure 26 includes a Credit Profile portion 686 and
associated
information blocks and a Banking Information portion 688 and associated
information
blocks. User interface 680 also includes a Back button 690 to transmit the
previous
user interface, a Next button 692 to transmit the next user interface, and an
Exit button
694 to exit the user from the web site.
Figure ' 27 is a user interface 7U0 displaying an Employrrient/Finaricial
Information page that is accessed by selecting Nextbutton 692 on user
interface 680
shown in Figure 26. User interface 700 includes information blocks 702, for
receiving
employment information of the individual customer. User interface 700 also
includes
a link 704 to a Personal Net Worth Statement of the customer. In addition,
user
interface 700 includes a Back button 706 to transmit the previous user
interface to the
user, a Next button 708 to transmit the next user to the user, and an Exit
button 710 to
exit the user from the web site.
Figure 28 is a user interface 720 displaying a Personal Net Worth Statement
page for the customer. User Interface 720 includes information blocks for
receiving
assets information 722, liabilities information 724, and general information
726.
System 10 determines the customer's net worth based on the information' input
to user
interface 720.
Figure 29 is a user interface 730 displaying an Equipment Information page,
User interface 730 includes- an Equipment Information portion 732 that
includes
associated information blocks pertaining to number of units, new/used, year,
description, model, price and type of equipment. If there are more than three
pieces of
equipment to be entered, the user selects the Go button 734 to add another row
to the
table. Additional information can be supplied by selecting Equipment
Description
link 736. User interface '730 also includes a Trade-in Information link 738
that, upon
selection, supplies a Trade-in Information table (not shown) to the user for
inputting
information pertaining to trade-ins. User interface 730 also includes an
Additional
Trade-in Information block to supply additional trade-in information. User
interface
730 further includes a Back button 742 to transmit the previous screen to the
user, a
Save and Exit button 744 to ave the input information and exit the web site, a
Next
button 746 to transmit the next user interface, and an Exit button 748 to exit
the web
site.
Figure 30 is a user interface 760 displaying a Deal Structure page. User
interface 760 includes an equipment total 762, a cash down payment information
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85CE-00111 CA °2377715 2002-03-20
block 764, a Net Trade-in Allowance 766, an Administration Fee information
block .
768? an Other Insurance information block 770, an Other Fees information block
'772,
a Term information block 774, a Customer Rate information block 776, a
Residual
information block 778, a 2nd level Residual information block 780; a GST/1/2
HST
Financing Period information block 782, a 1 st Payment Delay information block
'784,
and an Additional Advance Rentals) information block 786. In addition, user
interface 76~ includes a Back button 788, -a Save & Exit button 790, a Next
button
792, and an Exit button 794.
Figure 31 is a user interface 800 displaying a Credit Submission page accessed
once Next button 792 on user interface 760 shown in Figure 30 is selected.
User
interface 800 includes information blocks pertaining to Business Name 802,
First
Name 804 and Last Name 806. In addition; user interface 800 populates a
plurality of
fields such as Application ID 808, Total Amount to Finance 810, Monthly
Payment
812; GST Balloon 814, ' and Recourse % 816: User interface 800 also includes a
comments box 818 for users to input comments to the credit analyst that will
review
the application. User interface 800 further includes a request to print
documents 820,
a Change Deal button 822, a Save & Exit button 824, a Submit button 826, and
an
Exit button 828: Selection of Change Deal button 822 allows the user to make
changes to the application prior to 'submittal to the credit analyst.
Selection of Save &
Exit saves the information input into the system and exits the user from the
web site.
Selection of Submit button 826 submits the application to a credit analyst.
Once the
application is submitted to the credit analyst, no further changes can be made
to the
application, therefore; the entire application should be correct prior to
submitting the
application. Exit button 828 exits the user form the web site. Once the credit
application is submitted, system 10 automatically generates a message that
indicates
the application has been accepted and changes can no longer be made to the
application:
An analyst inputs the information and then selects Submit button 826. System
(shown in Figures 1 and 2) accesses a transaction system, such as described in
Figure 3, and generates a credit report for the indicated user. The credit
report is
transmitted to the Analyst's device where a final decision is made with
respect to ahe
application. A review module is provided to assist the analyst in the decision
process.
The credit analyst has the option of asking for additional information,
pending the
application, and declining the application. The analyst searches for an
existing credit
application by status, dealer, business name, customer. name, application ID,
and date
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85CE-00111 CA 02377715 2002-03-20
range. To review an application from the results retrieved, the user selects a
particular
application from the list retrieved. System 10 displays a decision summary and
a
summary of the current credit decision for the application selected. ; System
10
provides the credit analyst with' a set of options to view/modify the
application
information. The analyst may also modify the system decision and save the
changes
to the database. In one embodiriient; the review module is only available to
credit
analysts.
Once a credit application has been approved, a documents module is utilized
to generate the appropriate documents. The user searches for an approved
credit
application utilizing fields such as Business Name, Customer Name, Dealer
Name,
Application ID, Application Date; and Dealer Location. The user selects an
application from the list ofretrieved applications and system 10 displays
information
pertaining to Customer 5~; Co-Purchaser/Guarantor, Equipment, Trade-Ins,
Transaction Summary; and Payment Summary. An exemplary listing of documents
includes Lease Agreement, Loan, and Guarantor.
If a user, such as a dealer, desires to modify an existing Dealer Pending
application, the dealer enters the search criteria to retrieve pending deals.
Dealer
Pending applications are applications the dealer chose to put on hold so the
dealer
could get additional information before submitting the deal. The deals with a
status of
"Dealer Pending" for that dealer or any salesperson reporting to that dealer
are
retrieved and displayed after the dealer submits the search criteria. The
dealer may
then modify Applicant Data, Address Information, Equipment, or Trade-Ins; .and
submit the deal to credit for approval. The dealer may also modify an existing
application by modifying Reserve Type and Client Rate. Dealer Reserve i
calculated
from the financial institution rate and client rate on a Quote Screen (not
shown). The
dealer may enter a second level residual amount and may save the revised
defaults and
apply them to the current quote.
Retrieving an unsubmitted credit application can be performed by accessing
Deal Status 232 from user interface 210 shown in Figure 6. A credit
application can
be retrieved by searching. at least one of Application II3; Business Name,
First or Last
Name, Date Range, Application Type/Status; and Sales Person: Once appropriate
information is input into system l 0, system 10 performs the requested search
and
retrieves all deals that match the seaxch request. If more than one item is
displayed by
system 10, the user selects the correct application by selecting the
respective link for
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85CE-00111 CA 02377715 2002-03-20
that application. The user has the option to either submit the retrieved
application
unedited or edit the retrieved application. In addition, system 10 can be
queried to
provide a requested document to the user and the documents pertinent to the
user can
be searched by the user.
Dealers can also view the status of quotes, applications, and documented deals
by sales person. The pertinent page includes hyperlinks on a particular quote,
application or documented deal to view the details. System 10 also displays
the dollar
totals and counts by salesperson. The user has the option to appeal or modify
a credit
decision by selecting a hyperlink to a credit application; modifying it as
desired, and
resubmitting it for approval. The user is able to view the status of deals up
to the time
the deal is funded .
System 10 displays dealer profit in response to an on-line query. The
displayed information includes first level profit (Customer Rate - Finance
Institution
Rate), second level profit (Residual); Insurance Premium, Extended Warranty,
and
Gap Protection. System 10 also maintains various types of dealership programs
including the name and type, and dealer profile including dealer information,
user ID,
access level, dealer name, reporting relationships between dealers, dealer
location, and
other pertinent information. System 10 also maintains a list of equipment by
dealership and the maximum price of the equipment.
Figure 32 is a user interface 840 displaying a Request Deal Change page
accessed to edit, i.e., change, a credit application after the application has
been
submitted to system 10 and the credit analyst. User interface 840 includes an
Application Status 842, an Application ID 844, a Customer information block
portion
846, a Dealer information block portion 847, an Equipment information block
portion
848, an Amount to Finance information block portion 850, a Financing
Conditions
information block portion 851, an Analyst Comments portion 852, and a Request
Deal
Change information block portion 854. A deal change is requested by entering
comments in the Request Deal Change block 854 and providing the analyst with
accurate details about the conditions that should be changed and the reasons
for the
proposed changes. Once the requested change is input, the user selects one of
a Print
button 856 to print the cha~aged request, a Go to Documents button 858 to
transmit he
documents user interfaces to the user, a Send Back button 860 to send the
changed
deal to the credit analyst and system 10; and an Exit button 862 to exit the
user from
the web site.
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85CE-00111 cA 02377715 2002-03-20
If the credit analyst determines 'that additional information is needed prior
to
issuing a final decision on the credit application, the credit analyst will
send to the
user a request clearly indicating the additional information being requested.
The user
then has the opportunity o supply the requested information within a defined
time
period. Once the requested information has been submitted to the credit
analyst, a
credit decision will be forthcoming shortly.
New marketing programs can be added and displayed by system 10. The
parameters for the marketing programs include a Dealership Program to which
the
marketing program applies, Dealer; Marketing Program name, Start Date, End
Date,
Financial Product, Term; Residual (% or amount) Second level residual,
Customer
Purchase Option, Make, Model, Year; Finance Institution Rate, Dealer Spread,
Rate
Type (Fixed/Floating) Cash Down %, Fees, and Dealer Reserve %. System 10
receives information pertaining to a buy rate regarding particular
dealer/pricing
groups. in one embodiment, each dealer belongs to a particular pricing group
which
determines the rate and reserve for the dealer.
Figure 33 is a user interface 870 displaying a printable version of the
application available through- system 10 once the credit application has been
completed and approved. User ittterface 870 includes information pertaining
to' the
terms and conditions of the accepted and approved credit application and
system 10
generates reports based on the supplied information: System 10 also notifies
the user
that the reports have been generated and that the transaction will be funded
within a
predetermined period of time. System 10 requests the user to include a set of
documents at the deal closing to avoid processing delays: Such documents
include
birth certificate and driver's license, Articles of Incorporation, and
Insurance
certificate. Additional documents that should be obtained for leases include
copy of
check for first payment or down payment, PST Exemption certificate if
applicable,
and an invoice from a dealer.
Figure 34 is a user interface 880 displaying a Search for Dealer Participation
page that is accessed by dealers attempting to search for one of their pending
deals.
User interface 880 includes a Search for Deal portion 882, a Seaxch by
Application ID
# portion 884, a Search by Name,portion 886, a Search by Date portion 888, and
a
Search by Sales Person portion 890. In addition, user interface 880 includes a
Search
button 892 to initiate the search procedure and an Exit button to exit the
user from the
web site. System 10 provides the user with a listing of any deals that match
the search
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85CE-00111 CA 02377715 2002-03-20
criteria entered by the user. The user can then select the appropriate deal
for further
processing thereof.
Figure 35 is a user interface 900 displaying a Finance & Insurance Search
Screen page that enables a user to ee the applicaxion status and associated
income. A
user enters parameters such as Dealer Program 902, Dealer 904, Location 906,
Start
Date 908, End Date 910; Status 912, and Sales Person 914. Once the information
has
been entered, the user selects a Search button 916 that directs system 10, to
search for
applications that match the requested information. User interface 900 also
includes an
Exit button 918 that exits the user from the web site.
Figure 36 is a user interface 920 displaying a Report Output page; that
displays
a dealer report of applications and provides their status and value. User
interface
includes a table 922 that includes deal information pertaining to Application
ID;
Customer name, Sales Person, Status, Total; Rate Participation, Life
Insurance,
Disability Insurance, 2nd' Level Residual, Extended Warranty, and GAP
Protection.
The dealer can view the information in a quick fashion and obtain a summary of
the
pertinent information pertaining to deals.
Figure 37 is a user interface 930 displaying a Dealer Default Input page that
is
accessed by selecting a Dealer Defaults link-236 found in the Navigation bar
of the
user interfaces. User interface 930 allows a manager of a dealer to set
controls for all
applications for selected criteria. Factors that can be defaulted include
dealer Program
932, Dealer Name 934; Payment Structure 936, GST/1/2/HST Financing Period 938,
Pricing Level 940, Rate Type 942,: Life Insurance 944, Disability 946, Term
948; Rate
Participation Type 950; Residual % 952, Down Payment % 954, 2nd Level
Residual/Profit 956, Spread on Fixed Spread % 958, and Total Customer Fee 960.
In
addition, user interface 930 includes a Save Changes button 962 to save: any
inputs
made to user interface 930 and an Exit button to exit the user from the web
site.
System 10 is easily updated by a finance institution since screens are
provided
for dealer profiles; marketing programs, pricing, equipment, and other
'information.
System 10 provides reduced cycle times, and to access easy to use interfaces
that help
to provide a rapid response. System 10 simplifies the data entry process by
specifying
default values for certain fields; and eliminates the need to advance through
unnecessary prompts for simple credit applications. The user is able 'to view
the
documents online and print them. The web-based front-end is configured to be
customized to the needs of a particular dealer without making any programming
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85CE-00111 ~ 02377715 2002-03-20
changes to the system. The customization provides flexibility to introduce new
dealer
programs quickly and easily: With access to the database, the dealer equipment
lists
and prices can be updated by the finance institution. New marketing programs
can be
introduced without additional programming effort by modifying a pre-defined
set of
parameters. The customer accesses the system from any computer utilizing the
Internet and receives up-to-date status information regarding their deals and
profits.
The above described system is adaptable to new markets, is easy to use, ,,and
provides proper documentation fox a deal. Thus, manual work is decreased and
cycle
times are accordingly reduced. The system and method are dynamic, flexible,
and
easy to utilize. While the invention has been described in terms of various
specific
embodiments, those skilled in the art will recognize-that the invention can be
practiced
with modification within the spirit and scope of the claims.
_31_
